Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

The Free Application for Federal Student Aid (FAFSA) and CADAA are available to submit for the 2023-2024 Academic year. Apply Today! May 2, 2024 is the Priority Deadline for both the FAFSA and CADAA.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

To see your aid, log in to your StudentAid.gov account using your account username and password (FSA ID). Learn more about possible reasons why your StudentAid.gov account is missing loan or grant info.

Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA^®) form.

However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college.

If you need to report parent information on the 2024–25 FAFSA form, here are some guidelines to help you: If your parents are married (not separated), both of your parents' information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex.

However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education. A new, updated version of the FAFSA was recently launched for the 2024-2025 academic year. Here's how the form works.

What is the most financial aid will pay? ›

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

$240.7 billion: The total amount of aid that undergraduate and graduate students received in 2022-23 from all grants, federal loans, federal education tax benefits, and federal work-study. Average aid per full-time equivalent (FTE) student in 2022-23 was: $15,480 per undergraduate student. $28,300 per graduate student.

Once your FAFSA form or correction has been processed, you can get a copy of your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option near the middle of the “My FAFSA” page.

After you submit your FAFSA form online, you can check its status immediately by going to fafsa.gov and logging in with your FSA ID (account username and password). (Note: Only the student can check the status.)

In most cases, your child's school will give you your loan money by crediting it to your child's school account to pay tuition, fees, room, board, and other authorized charges. If there is money left over, the school will pay it to you.

The Free Application for Federal Student Aid (FAFSA) is a form you must complete to receive federal or state financial aid as a college student.

Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

Direct PLUS Loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required.

Schools use the information on the FAFSA® form to determine your eligibility for a Pell Grant, and if so, how much you're eligible to receive. You will have to fill out the FAFSA form every year you're in school to stay eligible for federal student aid, including Pell Grant awards.